HSBC cashback offer

Money_Stitch

HSBC Fix.

In my case, account opened and partially funded 6th APRIL. TFA accepted in branch 16th April. Money is still with old provider who have heard nothing from HSBC. Multiple in-chat frustrating encounters and a couple of generic emails. Raised formal complaint via chat end of May.

Recently received a perplexing email with a case reference telling me to take it to the FOS as while they are still 'investigating', they are 'unable to resolve' my issue. No comp offered for consideration, no transfer initiated. I get the feeling they are trying to make me give up, which I likely would but I've already part funded it and I want consolidation, not lots of other accounts with differing maturity dates for this money.

I've sought advice if this means HSBC can just forget about the transfer, but it seems as they accepted the forms in branch and confirmed receipt in chat, they legally cannot, even if the often quoted '70 days funding window' passes. I intend to follow through now with the FOS as I'm raging about how HSBC have handled this.

Completely unacceptable for a high street bank and they need to be held accountable not only to me financially but with the FCA for their conduct with everyone.

gt94sss2

https://forums.moneysavingexpert.com/discussion/comment/82032582#Comment_82032582

Nationwide and Barclays are among those also experiencing issues at the moment according to other posts.

I would count the time since you submitted the transfer forms. For instance, if you opened the account 10 weeks ago, but only submitted the transfer forms after 2 weeks then your ISA transfer has actually taken 8 weeks to date.

The good news if there is any is that most will be applying for HSBC's one year fix so should not be expecting to access their funds.

SuzeQStan

https://forums.moneysavingexpert.com/discussion/comment/82032809#Comment_82032809

Hard to count not needing access to fixed rate funds as good news really - small consolation when you are staring down the barrel of losing hundreds of £ or more in interest due to their inability to cope with volume demand.

For myself, my OH and I assume most on this thread, the transfer request was made at the time of application for the HSBC FRISA. My OH transfer request was made over 2 months ago.

efunc

https://forums.moneysavingexpert.com/discussion/comment/82032809#Comment_82032809

Thanks. That is correct, opened on the 2nd April online, but the online application said they need to send me a paper tranfer form in the post to confirm the bank details. I waited almost 2 weeks for that form to arrive, so submitted on the 14th. HSBC claim that I then have to allow them 15 days to process. So in this way they effectively 'steal' a whole month of interest. I expacted the form in 2-3 days which seems reasonable, but 2 weeks?? In my view none of those delays are of my making, or necessary from my perspective, all of them are the responsibility of HSBC. I didn't design their online application form, their ISA processing team or fail to send out documentation promptly. Why should it be me that pays for their mismanagement?

A few days after opening this account I opened a Santander one, tranferred a 3-figure ISA and it appeared in that account about a week or so after, and I've already received the £400 cashback for that. It doesn't seem unreasonable to expect that level of service from a High Street bank, or ANY bank operating in the UK.